Alba Mineral Resources plc has released details for the listing of its spin-out company, GreenRoc Mining plc, focused on multi-element assets in southern Greenland.
PROJECTS
The new company comprises the Thule Black Sands ilmenite, Amitsoq graphite, Melville Bay iron and Inglefield multi-elements projects.
On admission, due mid-September, gross funds of £5.12m are expected to be raised for an expected market capitalisation of £11.1m.
Alba will also receive GreenRoc shares valued at £6m, which will comprising 54% of the spin-out’s enlarged share capital.
GreenRoc’s board will consist of chief executive Kirk Adams; non-executive chairman George Frangeskides; finance director Jim Wynn; and non-executive directors Mark Austin, Lars Brunner and Mark Rachovides.